"We are now in the Far East region. The issues that are related to privatization of Bashneft will be resolved in a timely manner," he said. He did not elaborate.

On August 16, Natalia Timakova, Press Secretary of the Prime Minister Dmitry Medvedev told TASS that he postponed privatization of oil producer Bashneft.

Earlier Economic Development Minister Alexei Ulyukayev said that the Russian government intended to sell 50.08% of Bashneft shares before the end of 2016. Different options of the deal are being considered, in particular the sale of company’s shares on the exchange or their divestment to a strategic investor. However, First Deputy Energy Minister Aleksey Teksler said the privatization deal might be postponed to 2017.

Bashneft oil company operates in more than 20 regions of Russia and abroad. The Federal Property Management Agency owns 50 plus 1 share in the company’s share capital; the republic of Bashkortostan holds 25% plus one share. Bashneft’s shares are traded on the Moscow Exchange.